0001104659-13-003142.txt : 20130117 0001104659-13-003142.hdr.sgml : 20130117 20130117130911 ACCESSION NUMBER: 0001104659-13-003142 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130117 DATE AS OF CHANGE: 20130117 EFFECTIVENESS DATE: 20130117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BofA Funds Series Trust CENTRAL INDEX KEY: 0001477434 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-163352 FILM NUMBER: 13534318 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-434-5801 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: Columbia Funds Series Trust III DATE OF NAME CHANGE: 20091123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BofA Funds Series Trust CENTRAL INDEX KEY: 0001477434 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22357 FILM NUMBER: 13534319 BUSINESS ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-434-5801 MAIL ADDRESS: STREET 1: 100 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: Columbia Funds Series Trust III DATE OF NAME CHANGE: 20091123 0001477434 S000027908 BofA Cash Reserves C000084762 Investor II Class NPRXX C000084763 Daily Class NSHXX C000084764 Investor Class PCMXX C000084765 Trust Class NRSXX C000084766 Liquidity Class NCLXX C000084767 Capital Class CPMXX C000084768 Institutional Class NCIXX C000084769 Adviser Class NCRXX C000084770 Marsico Class NMOXX C000106835 Institutional Capital Class BOIXX 0001477434 S000027909 BofA Massachusetts Municipal Reserves C000106836 Capital Class BOMXX C000106837 Investor Class BOSXX C000118527 Trust Class BMMXX 0001477434 S000027910 BofA Government Plus Reserves C000084777 Institutional Capital CVTXX C000084778 Trust Class CGPXX C000084779 Liquidity Class CLQXX C000084780 Capital Class GIGXX C000084781 Institutional Class CVIXX C000084782 Adviser Class GGCXX C000106838 Daily Class BOTXX C000106839 Investor Class BOPXX C000106840 Investor II Class BOGXX 0001477434 S000027912 BofA Money Market Reserves C000084785 Liquidity Class NRLXX C000084786 Capital Class NMCXX C000084787 Institutional Class NRIXX C000084788 Adviser Class NRAXX C000084789 Institutional Capital Class CVGXX C000084791 Trust Class NRTXX 0001477434 S000027913 BofA Treasury Reserves C000084792 Investor II Class NTSXX C000084793 Capital Class CPLXX C000084794 Institutional Class NTIXX C000084795 Adviser Class NTRXX C000084796 Daily Class NDLXX C000084797 Investor Class PHGXX C000084798 Trust Class NTTXX C000084799 Liquidity Class NTLXX C000106841 Institutional Capital Class BOUXX 0001477434 S000027914 BofA Government Reserves C000084801 Trust Class NGOXX C000084802 Liquidity Class NGLXX C000084803 Capital Class CGCXX C000084804 Institutional Class NVIXX C000084805 Adviser Class NGRXX C000084806 Investor II Class NGAXX C000084807 Institutional Capital Class CGGXX C000084808 Daily Class NRDXX C000084809 Investor Class PGHXX 0001477434 S000027915 BofA Municipal Reserves C000084810 Capital Class CAFXX C000084811 Institutional Class NMIXX C000084812 Adviser Class NMRXX C000084814 Daily Class NMDXX C000084815 Investor Class PHPXX C000084816 Trust Class NMSXX C000084817 Liquidity Class NMLXX C000106842 Institutional Capital Class BORXX 0001477434 S000027916 BofA Tax-Exempt Reserves C000084819 Trust Class NTXXX C000084820 Liquidity Class NELXX C000084821 Capital Class NRCXX C000084822 Institutional Class NEIXX C000084823 Adviser Class NTAXX C000084825 Institutional Capital Shares CXGXX C000084826 Daily Class NEDXX C000084827 Investor Class NECXX 0001477434 S000027917 BofA California Tax-Exempt Reserves C000084828 Institutional Class NCTXX C000084829 Adviser Class NARXX C000084830 Daily Class NADXX C000084831 Investor Class CFTXX C000084832 Trust Class NATXX C000084833 Liquidity Class CCLXX C000084834 Capital Class NCAXX 0001477434 S000027918 BofA New York Tax-Exempt Reserves C000084836 Capital Class NNYXX C000084837 Institutional Class NYIXX C000084842 Trust Class NYRXX C000106843 Investor Class BOYXX 0001477434 S000027919 BofA Connecticut Municipal Reserves C000106844 Investor Class BONXX C000106845 Capital Class BOCXX C000118528 Trust Class BCRXX 485BPOS 1 a12-17824_14485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on January 17, 2013

Registration Nos. 333-163352; 811-22357

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

 

REGISTRATION STATEMENT

 

UNDER

 

THE SECURITIES ACT OF 1933

T

 

Post-Effective Amendment No. 12

 

REGISTRATION STATEMENT

 

UNDER

 

THE INVESTMENT COMPANY ACT OF 1940

T

 

Amendment No. 12

 

(Check appropriate box or boxes)

 

BofA Funds Series Trust

(Exact Name of Registrant as specified in Charter)

 

100 Federal Street

Boston, MA 02110

(Address of Principal Executive Offices, including Zip Code)

 

 

Registrant’s Telephone Number, including Area Code: (617) 434-5801

 

Peter T. Fariel, Esq.

c/o BofA Global Capital Management Group, LLC

100 Federal Street

Boston, MA 02110

(Name and Address of Agent for Service)

 

 

With copies to:

 

Robert M. Kurucza, Esq.

Marco E. Adelfio, Esq.

Goodwin Procter LLP

901 New York Avenue, NW

Washington, DC 20001

 

 

It is proposed that this filing will become effective (check appropriate box):

 

x                                  Immediately upon filing pursuant to paragraph (b)

 

o                                    on (date) pursuant to paragraph (b)

 

o                                    60 days after filing pursuant to paragraph (a)(1)

 

o                                    on (date) pursuant to paragraph (a)(1)

 

o                                    75 days after filing pursuant to paragraph (a)(2)

 

o                                    on (date) pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

o                                    this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, BofA Funds Series Trust, certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts on the 17th day of January, 2013.

 

 

BofA FUNDS SERIES TRUST

 

 

 

By:

/s/ Michael Pelzar

 

Name: Michael Pelzar

 

Title: President

 

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the date indicated:

 

SIGNATURES

 

TITLE

 

DATE

 

 

 

 

 

/s/ Michael Pelzar

 

President

 

January 17, 2013

Michael Pelzar

 

(Principal Executive Officer)

 

 

 

 

 

 

 

/s/ Jeffrey R. Coleman

 

Chief Financial Officer

 

January 17, 2013

Jeffrey R. Coleman

 

(Principal Financial Officer)

 

 

 

 

Chief Accounting Officer

 

January 17, 2013

 

 

(Principal Accounting Officer)

 

 

 

 

 

 

 

/s/ Harrison M. Bains*

 

Trustee

 

January 17, 2013

Harrison M. Bains

 

 

 

 

 

 

 

 

 

/s/ Paul Glasserman*

 

Trustee

 

January 17, 2013

Paul Glasserman

 

 

 

 

 

 

 

 

 

/s/ George J. Gorman*

 

Trustee

 

January 17, 2013

George J. Gorman

 

 

 

 

 

 

 

 

 

/s/ William A. Hawkins*

 

Trustee

 

January 17, 2013

William A. Hawkins

 

 

 

 

 

 

 

 

 

/s/ R. Glenn Hilliard*

 

Trustee

 

January 17, 2013

R. Glenn Hilliard

 

 

 

 

 

 

 

 

 

/s/ William J. Kelly*

 

Trustee

 

January 17, 2013

William J. Kelly

 

 

 

 

 

 

 

 

 

/s/ Debra J. Perry*

 

Trustee

 

January 17, 2013

Debra J. Perry

 

 

 

 

 

 

 

 

 

*By:

/s/ Peter T. Fariel

 

 

 

 

 

Peter T. Fariel

 

 

 

 

 

Attorney-in-Fact**

 

 

 

 

 

January 17, 2013

 

 

 

 

 

**

Executed by Peter T. Fariel on behalf of each Trustee pursuant to a Power of Attorney dated June 20, 2011 and incorporated by reference to Post-Effective Amendment No. 5 to the Registration Statement of the Registrant on Form N-1A, filed with the Securities and Exchange Commission on September 9, 2011.

 


 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

EX-101.INS

 

XBRL Instance Document

 

 

 

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

 

 

 

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

 

 

 

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

 

 

 

EX-101.LAB

 

XBRL Taxonomy Extension Label Linkbase

 

 

 

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

 EX-101.INS 2 ck0001477434-20120831.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-08-31 0001477434 2013-01-01 BofA Funds Series Trust false 2012-12-06 2013-01-01 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027919Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027919Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Connecticut Municipal Reserves (the Fund) seeks current income exempt from<br />federal income tax and Connecticut individual, trust and estate income tax,<br />consistent with capital preservation and maintenance of a high degree of<br />liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and Connecticut state income tax on individuals, trusts and estates.<br />These securities are issued by or on behalf of the State of Connecticut, its<br />political subdivisions, agencies, instrumentalities and authorities, and other<br />qualified issuers that may include issuers located outside of Connecticut.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Connecticut Municipal Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1st quarter 2005:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.60%<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.01%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political <br />changes as well as changes in the state's financial or economic condition and <br />prospects. Since the Fund invests in Connecticut municipal securities, the value <br />of the Fund's shares may be especially affected by factors pertaining to the <br />economy of Connecticut and other factors specifically impacting the ability of <br />issuers of Connecticut municipal securities to meet their obligations. Connecticut <br />is continuing its efforts to recover from the economic recession. In May 2011, <br />the Connecticut General Assembly adopted its biennium budget for the fiscal years <br />ending June 30, 2012 and June 30, 2013. The approved budget included a reduction <br />in state expenditures, savings from state employee concessions and an increase in <br />various taxes, including, the state income and sales taxes. In May 2012, in an <br />effort to close a then projected budget deficit of approximately $284.6 million <br />due primarily to an increase in various expenditures and lower than expected<br />revenues, legislation was approved which made mid-term budget revisions for<br />fiscal year 2012-13, including transferring $222 million from an account that<br />was set aside to pay down economic recovery notes the State issued to cover its<br />deficit in 2009. On November 15, 2012, the Secretary of the Office of Policy and<br />Management and the Director of the Office of Fiscal Analysis each submitted a<br />fiscal accountability report for the current fiscal year which reflected a<br />general fund deficit of between $320.7 million and $365.0 million for the fiscal<br />year ending June 30, 2013. The reports also reflect general fund deficits of<br />between: $1.08 billion and $1.138 billion for the fiscal year ending June 30,<br />2014; $858.6 million and $1.016 billion for the fiscal year ending June 30,<br />2015; and $807.1 million and $934.1 million for the fiscal year ending June 30,<br />2016. There can be no assurances that the financial condition of Connecticut<br />will not be materially adversely affected by continuing or unforeseen conditions<br />or circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to Connecticut and its<br />municipalities may affect the ability of Connecticut or its municipalities to<br />pay their respective obligations. The statement of additional information<br />provides additional detail about the current financial condition of, and risks<br />specific to, Connecticut municipal securities, which investors should carefully <br />consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or <br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could affect <br />the issuer's actual or perceived willingness or ability to make timely interest <br />or principal payments, including changes in the issuer's financial condition or <br />in general economic conditions. Debt securities backed by an issuer's taxing <br />authority may be subject to legal limits on the issuer's power to increase taxes <br />or otherwise to raise revenue, or may be dependent on legislative appropriation <br />or government aid. Certain debt securities are backed only by revenues derived <br />from a particular project or source, rather than by an issuer's taxing authority, <br />and thus may have a greater risk of default. Historically, credit risk has been a<br />limited factor for short-term obligations backed by the "full faith and credit"<br />of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. Trust<br />Class shares of the Fund were first offered on July 18, 2012. The returns shown<br />for all periods are the returns of Capital Class shares of the Fund, which are<br />not offered in this prospectus. Trust Class shares would have annual returns<br />substantially similar to those of Capital Class shares because each of the<br />Fund's share classes is invested in the same portfolio of securities, and its<br />returns would differ only to the extent that its expenses differ. The returns<br />shown for Capital Class shares have not been adjusted to reflect any differences<br />in expenses between Trust Class shares and Capital Class shares. On October 1,<br />2011, G-Trust shares and Retail A shares of the Fund converted into Capital<br />Class shares when Capital Class shares of the Fund were first offered. The<br />financial information of Capital Class shares prior to this conversion is that<br />of G-Trust shares, which reflects substantially the same expenses as those of<br />Capital Class shares. The returns shown for periods prior to January 1, 2010 are<br />the returns of G-Trust shares of Columbia Connecticut Municipal Reserves, the<br />predecessor to the Fund and a series of Columbia Funds Series Trust. For periods<br />prior to November 23, 2005, the performance of the Fund's G-Trust shares<br />represents that of the Galaxy Connecticut Municipal Money Market Fund's Trust<br />shares, the predecessor to Columbia Connecticut Municipal Reserves' G-Trust<br />shares. The Fund's past performance is no guarantee of how the Fund will perform<br />in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027919Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027919Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027919Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BCRXX 0.00 0.0010 31 166 -0.0032 744 314 0.0037 0.0025 2013-01-01 0.0027 0.0000 0.0030 0.0062 0.00 Worst: Best: 2012-09-30 2005-03-31 0.0001 0.0011 0.0348 0.0160 0.0014 0.0207 2011-09-30 0.0033 0.0122 0.0191 Year-to-date return 0.0014 0.0328 0.0151 2004-03-01 0.0004 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027919Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027919Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Connecticut Municipal Reserves (the Fund) seeks current income exempt <br />from federal income tax and Connecticut individual, trust and estate income <br />tax, consistent with capital preservation and maintenance of a high degree <br />of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the table <br />on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and Connecticut state income tax on individuals, trusts and estates.<br />These securities are issued by or on behalf of the State of Connecticut, its<br />political subdivisions, agencies, instrumentalities and authorities, and other<br />qualified issuers that may include issuers located outside of Connecticut.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Connecticut Municipal Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1st quarter 2005:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.60% <br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.01%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political<br />changes as well as changes in the state's financial or economic condition and<br />prospects. Since the Fund invests in Connecticut municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of Connecticut and other factors specifically impacting the ability of<br />issuers of Connecticut municipal securities to meet their obligations. Connecticut <br />is continuing its efforts to recover from the economic recession. In May 2011, the <br />Connecticut General Assembly adopted its biennium budget for the fiscal years <br />ending June 30, 2012 and June 30, 2013. The approved budget included a reduction <br />in state expenditures, savings from state employee concessions and an increase <br />in various taxes, including, the state income and sales taxes. In May 2012, in <br />an effort to close a then projected budget deficit of approximately $284.6 million <br />due primarily to an increase in various expenditures and lower than expected <br />revenues, legislation was approved which made mid-term budget revisions for fiscal <br />year 2012-13, including transferring $222 million from an account that was set <br />aside to pay down economic recovery notes the State issued to cover its deficit <br />in 2009. On November 15, 2012, the Secretary of the Office of Policy and Management <br />and the Director of the Office of Fiscal Analysis each submitted a fiscal <br />accountability report for the current fiscal year which reflected a general fund <br />deficit of between $320.7 million and $365.0 million for the fiscal year ending <br />June 30, 2013. The reports also reflect general fund deficits of between: $1.08 <br />billion and $1.138 billion for the fiscal year ending June 30, 2014; $858.6 <br />million and $1.016 billion for the fiscal year ending June 30, 2015; and $807.1 <br />million and $934.1 million for the fiscal year ending June 30, 2016. There can be <br />no assurances that the financial condition of Connecticut will not be materially <br />adversely affected by continuing or unforeseen conditions or circumstances, <br />including, but not limited to, lower than expected revenues or higher than expected <br />expenditures. Such factors relating to Connecticut and its municipalities may <br />affect the ability of Connecticut or its municipalities to pay their respective <br />obligations. The statement of additional information provides additional detail <br />about the current financial condition of, and risks specific to, Connecticut <br />municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial<br />services company increases the potential adverse effects on the Fund that can<br />result from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely <br />interest or principal payments, including changes in the issuer's financial <br />condition or in general economic conditions. Debt securities backed by an <br />issuer's taxing authority may be subject to legal limits on the issuer's<br />power to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. Investor<br />Class shares of the Fund were first offered on October 1, 2011. The returns<br />shown for all periods are the returns of Capital Class shares of the Fund, which<br />are not offered in this prospectus. Investor Class shares would have annual<br />returns substantially similar to those of Capital Class shares because each of<br />the Fund's share classes is invested in the same portfolio of securities, and<br />its returns would differ only to the extent that its expenses differ. The<br />returns shown for Capital Class shares have not been adjusted to reflect any<br />differences in expenses between Investor Class shares and Capital Class shares.<br />On October 1, 2011, G-Trust shares and Retail A shares of the Fund converted<br />into Capital Class shares when Capital Class shares of the Fund were first<br />offered. The financial information of Capital Class shares prior to this<br />conversion is that of G-Trust shares, which reflects substantially the same<br />expenses as those of Capital Class shares. The returns shown for periods prior<br />to January 1, 2010 are the returns of G-Trust shares of Columbia Connecticut<br />Municipal Reserves, the predecessor to the Fund and a series of Columbia Funds<br />Series Trust. For periods prior to November 23, 2005, the performance of the<br />Fund's G-Trust shares represents that of the Galaxy Connecticut Municipal Money<br />Market Fund's Trust shares, the predecessor to Columbia Connecticut Municipal<br />Reserves' G-Trust shares. The Fund's past performance is no guarantee of how the<br />Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027919Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027919Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027919Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Worst: Best: 2012-09-30 2005-03-31 0.0001 0.0011 0.0348 0.0160 0.0014 0.0207 2011-09-30 0.0033 0.0122 0.0191 Year-to-date return 0.0014 0.0328 0.0151 2004-03-01 0.0001 BONXX 0.00 0.0025 56 246 -0.0032 1043 451 0.0052 0.0025 2013-01-01 0.0027 0.0010 0.0055 0.0087 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027919Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027919Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Connecticut Municipal Reserves (the Fund) seeks current income exempt <br />from federal income tax and Connecticut individual, trust and estate income <br />tax, consistent with capital preservation and maintenance of a high degree <br />of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the table <br />on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and Connecticut state income tax on individuals, trusts and estates.<br />These securities are issued by or on behalf of the State of Connecticut, its<br />political subdivisions, agencies, instrumentalities and authorities, and other<br />qualified issuers that may include issuers located outside of Connecticut.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Connecticut Municipal Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1st quarter 2005:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.60% <br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.01%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political<br />changes as well as changes in the state's financial or economic condition and<br />prospects. Since the Fund invests in Connecticut municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of Connecticut and other factors specifically impacting the ability of<br />issuers of Connecticut municipal securities to meet their obligations.<br />Connecticut is continuing its efforts to recover from the economic recession. In<br />May 2011, the Connecticut General Assembly adopted its biennium budget for the<br />fiscal years ending June 30, 2012 and June 30, 2013. The approved budget<br />included a reduction in state expenditures, savings from state employee<br />concessions and an increase in various taxes, including, the state income and<br />sales taxes. In May 2012, in an effort to close a then projected budget deficit<br />of approximately $284.6 million due primarily to an increase in various<br />expenditures and lower than expected revenues, legislation was approved which<br />made mid-term budget revisions for fiscal year 2012-13, including transferring<br />$222 million from an account that was set aside to pay down economic recovery<br />notes the State issued to cover its deficit in 2009. On November 15, 2012, the<br />Secretary of the Office of Policy and Management and the Director of the Office<br />of Fiscal Analysis each submitted a fiscal accountability report for the current<br />fiscal year which reflected a general fund deficit of between $320.7 million and<br />$365.0 million for the fiscal year ending June 30, 2013. The reports also<br />reflect general fund deficits of between: $1.08 billion and $1.138 billion for<br />the fiscal year ending June 30, 2014; $858.6 million and $1.016 billion for the<br />fiscal year ending June 30, 2015; and $807.1 million and $934.1 million for the<br />fiscal year ending June 30, 2016. There can be no assurances that the financial<br />condition of Connecticut will not be materially adversely affected by continuing<br />or unforeseen conditions or circumstances, including, but not limited to, lower<br />than expected revenues or higher than expected expenditures. Such factors<br />relating to Connecticut and its municipalities may affect the ability of<br />Connecticut or its municipalities to pay their respective obligations. The<br />statement of additional information provides additional detail about the current<br />financial condition of, and risks specific to, Connecticut municipal securities,<br />which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial<br />services company increases the potential adverse effects on the Fund that can<br />result from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely <br />interest or principal payments, including changes in the issuer's financial <br />condition or in general economic conditions. Debt securities backed by an <br />issuer's taxing authority may be subject to legal limits on the issuer's power <br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. On October<br />1, 2011, G-Trust shares and Retail A shares of the Fund converted into Capital<br />Class shares of the Fund when Capital Class shares of the Fund were first<br />offered. The financial information for Capital Class shares prior to this<br />conversion is that of G-Trust shares, which reflects substantially the same<br />expenses as those of Capital Class shares. If the historic financial information<br />of Retail A shares was used instead of that of G-Trust shares, the total return<br />for each period prior to the conversion would be lower due to the higher<br />expenses applicable to Retail A shares. The returns shown for periods prior to<br />January 1, 2010 are the returns of G-Trust shares of Columbia Connecticut<br />Municipal Reserves, the predecessor to the Fund and a series of Columbia Funds<br />Series Trust. For periods prior to November 23, 2005, the performance of the<br />Fund's G-Trust shares represents that of the Galaxy Connecticut Municipal Money<br />Market Fund's Trust shares, the predecessor to Columbia Connecticut Municipal<br />Reserves' G-Trust shares. The Fund's past performance is no guarantee of how the<br />Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027919Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027919Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027919Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) BOCXX Worst: Best: 0.00 2012-09-30 20 2005-03-31 134 0.0001 -0.0032 0.0011 622 259 0.0348 0.0160 0.0014 0.0027 0.0207 0.0025 2013-12-31 2011-09-30 0.0033 0.0122 0.0191 Year-to-date return 0.0014 0.0000 0.0020 0.0052 0.0328 0.0151 2004-03-01 0.0004 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027918Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027918Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA New York Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and New York individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /><br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and New York individual income tax. These securities are issued by or<br />on behalf of the State of New York, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of New York.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA New York Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.87%<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1st quarter 2010:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political<br />changes as well as changes in the state's financial or economic condition and<br />prospects. Since the Fund invests in New York municipal securities, the value of<br />the Fund's shares may be especially affected by factors pertaining to the<br />economy of New York and other factors specifically impacting the ability of<br />issuers of New York municipal securities to meet their obligations. New York is<br />continuing its efforts to recover from an economic recession. In the first<br />quarterly update to the state's published financial plan, issued on July 30,<br />2012, New York's Division of the Budget ("DOB") estimated that the state's<br />general fund will remain in balance in fiscal year 2012-13, consistent with the<br />enacted budget financial plan reflected in the state's annual information<br />statement, dated May 11, 2012. General fund receipts, including transfers from<br />other funds, are still expected by the DOB to total $58.9 billion in fiscal year<br />2012-13. General fund disbursements, including transfers to other funds, are<br />expected by the DOB to total $59.2 billion, an increase of $340 million.<br />Economic and financial conditions in New York City will continue to play a<br />significant role in connection with the state-wide economic landscape. There can<br />be no assurances, however, that the financial condition of New York will not be<br />further materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to New York and its<br />municipalities may affect the ability of New York or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, New York municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the <br />types and amounts of loans and other commitments they make and the interest rates <br />and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or a <br />default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in <br />the past, and can help you understand the risks of investing in the Fund. <br />The returns shown for periods prior to January 1, 2010 are the returns of <br />Trust Class shares of Columbia New York Tax-Exempt Reserves, the predecessor <br />to the Fund and a series of Columbia Funds Series Trust. The Fund's past <br />performance is no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027918Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027918Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027918Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NYRXX Worst: Best: 0.00 2012-09-30 0.0010 31 2007-06-30 125 0.0000 0.0096 -0.0013 0.0003 530 228 0.0340 0.0087 0.0008 0.0018 0.0196 0.0025 2013-12-31 2010-03-31 0.0028 0.0114 0.0212 Year-to-date return 0.0008 0.0008 0.0084 0.0000 0.0030 0.0043 0.0321 0.0140 2002-02-15 0.0001 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027918Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027918Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA New York Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and New York individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and New York individual income tax. These securities are issued by or<br />on behalf of the State of New York, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of New York.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA New York Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.78%<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political <br />changes as well as changes in the state's financial or economic condition and <br />prospects. Since the Fund invests in New York municipal securities, the value of <br />the Fund's shares may be especially affected by factors pertaining to the economy <br />of New York and other factors specifically impacting the ability of issuers of New <br />York municipal securities to meet their obligations. New York is continuing its <br />efforts to recover from an economic recession. In the first quarterly update to <br />the state's published financial plan, issued on July 30, 2012, New York's Division <br />of the Budget ("DOB") estimated that the state's general fund will remain in balance <br />in fiscal year 2012-13, consistent with the enacted budget financial plan reflected <br />in the state's annual information statement, dated May 11, 2012. General fund receipts,<br />including transfers from other funds, are still expected by the DOB to total $58.9 <br />billion in fiscal year 2012-13. General fund disbursements, including transfers to <br />other funds, are expected by the DOB to total $59.2 billion, an increase of $340 <br />million. Economic and financial conditions in New York City will continue to play <br />a significant role in connection with the state-wide economic landscape. There can <br />be no assurances, however, that the financial condition of New York will not be <br />further materially adversely affected by continuing or unforeseen conditions or <br />circumstances, including, but not limited to, lower than expected revenues or higher <br />than expected expenditures. Such factors relating to New York and its municipalities <br />may affect the ability of New York or its municipalities to pay their respective <br />obligations. The statement of additional information provides additional detail <br />about the current financial condition of, and risks specific to, New York municipal <br />securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies <br />are subject to increasingly extensive government regulation, which can limit the <br />types and amounts of loans and other commitments they make and the interest rates <br />and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or a <br />default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. On October<br />1, 2011, Class A shares of the Fund converted into Investor Class shares of the<br />Fund when Investor Class shares of the Fund were first offered. The returns<br />shown for periods prior to October 1, 2011 are the returns of Class A shares of<br />the Fund, and include the higher expenses applicable to Class A shares of the<br />Fund. If these expenses had not been included, returns would be higher. The<br />returns shown for periods prior to January 1, 2010 are the returns of Class A<br />shares of Columbia New York Tax-Exempt Reserves, the predecessor to the Fund and<br />a series of Columbia Funds Series Trust (the Predecessor Fund). The Predecessor<br />Fund's Class A shares were fully redeemed on December 22, 2002 and recommenced<br />operations on August 25, 2003. From December 22, 2002 to August 25, 2003,<br />performance for the share class could not be calculated due to nominal asset<br />levels. The Predecessor Fund's first full calendar year of returns after it<br />recommenced operations was the year ended December 31, 2004. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027918Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027918Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027918Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) BOYXX Worst: Best: 0.00 2012-09-30 0.0025 56 2007-06-30 204 0.0000 0.0061 -0.0013 0.0000 834 366 0.0304 0.0078 0.0004 0.0033 0.0160 0.0025 2013-12-31 2011-09-30 0.0009 0.0095 0.0176 Year-to-date return 0.0008 0.0004 0.0010 0.0055 0.0068 0.0285 0.0121 2003-08-25 0.0001 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027918Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027918Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA New York Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and New York individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and New York individual income tax. These securities are issued by or<br />on behalf of the State of New York, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of New York.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA New York Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.88%<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1st quarter 2010:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.01%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption <br />proceeds when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political <br />changes as well as changes in the state's financial or economic condition and <br />prospects. Since the Fund invests in New York municipal securities, the value <br />of the Fund's shares may be especially affected by factors pertaining to the <br />economy of New York and other factors specifically impacting the ability of <br />issuers of New York municipal securities to meet their obligations. New York <br />is continuing its efforts to recover from an economic recession. In the first <br />quarterly update to the state's published financial plan, issued on July 30, <br />2012, New York's Division of the Budget ("DOB") estimated that the state's <br />general fund will remain in balance in fiscal year 2012-13, consistent with <br />the enacted budget financial plan reflected in the state's annual information <br />statement, dated May 11, 2012. General fund receipts, including transfers from <br />other funds, are still expected by the DOB to total $58.9 billion in fiscal <br />year 2012-13. General fund disbursements, including transfers to other funds, <br />are expected by the DOB to total $59.2 billion, an increase of $340 million. <br />Economic and financial conditions in New York City will continue to play a <br />significant role in connection with the state-wide economic landscape. There <br />can be no assurances, however, that the financial condition of New York will <br />not be further materially adversely affected by continuing or unforeseen <br />conditions or circumstances, including, but not limited to, lower than <br />expected revenues or higher than expected expenditures. Such factors relating <br />to New York and its municipalities may affect the ability of New York or its <br />municipalities to pay their respective obligations. The statement of additional <br />information provides additional detail about the current financial condition of, <br />and risks specific to, New York municipal securities, which investors should <br />carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate <br />and consumer debt defaults, and price competition. Financial services companies <br />are subject to increasingly extensive government regulation, which can limit the <br />types and amounts of loans and other commitments they make and the interest rates <br />and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, insurance <br />or other credit or liquidity enhancements issued or provided by such company to <br />decline in value. Credit and liquidity enhancements are designed to help assure <br />timely payment of a security and do not protect the Fund or its shareholders from<br />losses caused by declines in a security's market value due to changes in market<br />conditions. In addition, having multiple portfolio securities' credit or<br />liquidity enhanced by the same financial services company increases the potential <br />adverse effects on the Fund that can result from a downgrading of, or a default by, <br />such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed <br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia New York Tax-Exempt Reserves, the<br />predecessor to the Fund and a series of Columbia Funds Series Trust. The<br />Columbia New York Tax-Exempt Reserves' Institutional Class shares were fully<br />redeemed on December 22, 2002 and recommenced operations on August 25, 2003.<br />From December 22, 2002 to August 25, 2003, performance for the share class could<br />not be calculated due to nominal asset levels. The first full calendar year of<br />returns of Columbia New York Tax-Exempt Reserves Institutional Class shares<br />after it recommenced operations was the year ended December 31, 2004. The Fund's<br />past performance is no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027918Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027918Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027918Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NYIXX Worst: Best: 0.00 2012-09-30 0.0004 25 2007-06-30 106 0.0001 0.0102 -0.0013 0.0008 455 195 0.0346 0.0088 0.0012 0.0012 0.0202 0.0025 2013-12-31 2010-03-31 0.0033 0.0119 0.0218 Year-to-date return 0.0008 0.0012 0.0000 0.0024 0.0037 0.0327 0.0152 2003-08-25 0.0003 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027918Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027918Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA New York Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and New York individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and New York individual income tax. These securities are issued by or<br />on behalf of the State of New York, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of New York.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA New York Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.89%<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1st quarter 2010:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.02%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political <br />changes as well as changes in the state's financial or economic condition and <br />prospects. Since the Fund invests in New York municipal securities, the value of <br />the Fund's shares may be especially affected by factors pertaining to the economy <br />of New York and other factors specifically impacting the ability of issuers of New <br />York municipal securities to meet their obligations. New York is continuing its <br />efforts to recover from an economic recession. In the first quarterly update to <br />the state's published financial plan, issued on July 30, 2012, New York's Division <br />of the Budget ("DOB") estimated that the state's general fund will remain in balance <br />in fiscal year 2012-13, consistent with the enacted budget financial plan reflected <br />in the state's annual information statement, dated May 11, 2012. General fund <br />receipts, including transfers from other funds, are still expected by the DOB to <br />total $58.9 billion in fiscal year 2012-13. General fund disbursements, including<br />transfers to other funds, are expected by the DOB to total $59.2 billion, an<br />increase of $340 million. Economic and financial conditions in New York City<br />will continue to play a significant role in connection with the state-wide<br />economic landscape. There can be no assurances, however, that the financial<br />condition of New York will not be further materially adversely affected by<br />continuing or unforeseen conditions or circumstances, including, but not limited<br />to, lower than expected revenues or higher than expected expenditures. Such<br />factors relating to New York and its municipalities may affect the ability of<br />New York or its municipalities to pay their respective obligations. The<br />statement of additional information provides additional detail about the current<br />financial condition of, and risks specific to, New York municipal securities,<br />which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in financial <br />services activities. The financial services industry is particularly vulnerable to <br />certain factors, such as the availability and cost of borrowing and raising <br />additional capital, changes in interest rates, the rate of corporate and consumer <br />debt defaults, and price competition. Financial services companies are subject to <br />increasingly extensive government regulation, which can limit the types and <br />amounts of loans and other commitments they make and the interest rates and fees <br />they charge. Their profitability can, as a result, be significantly impacted. In <br />addition, changes in the credit quality of a financial services company or such <br />company's failure to fulfill its obligations could cause the Fund's investments <br />in securities backed by guarantees, letters of credit, insurance or other credit <br />or liquidity enhancements issued or provided by such company to decline in value. <br />Credit and liquidity enhancements are designed to help assure timely payment of <br />a security and do not protect the Fund or its shareholders from losses caused <br />by declines in a security's market value due to changes in market conditions. <br />In addition, having multiple portfolio securities' credit or liquidity enhanced <br />by the same financial services company increases the potential adverse effects <br />on the Fund that can result from a downgrading of, or a default by, such financial <br />services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia New York Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance <br />is no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027918Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027918Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027918Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NNYXX Worst: Best: 0.00 2012-09-30 20 2007-06-30 93 0.0002 0.0106 -0.0013 0.0012 405 172 0.0350 0.0089 0.0016 0.0008 0.0206 0.0025 2013-12-31 2010-03-31 0.0037 0.0123 0.0222 Year-to-date return 0.0016 0.0094 0.0000 0.0020 0.0033 0.0331 0.0150 2002-02-15 0.0005 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027917Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027917Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA California Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.86%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as <br />unfavorable developments have the potential to impact more significantly the <br />Fund than funds that invest in municipal securities of many different states. <br />A municipal security can be significantly affected by adverse tax, legislative, <br />demographic or political changes as well as changes in the state's financial <br />or economic condition and prospects. Since the Fund invests in California <br />municipal securities, the value of the Fund's shares may be especially affected <br />by factors pertaining to the economy of California and other factors specifically <br />impacting the ability of issuers of California municipal securities to meet their <br />obligations. California continues to face substantial economic and business <br />budget pressures as a result of the economic recession and continues to take <br />various actions in response to the current situation. California's published <br />budget for fiscal year 2012-13, adopted by the state's legislature in June 2012, <br />projects continued steady growth of California's major tax revenue sources. <br />There can be no assurances, however, that the financial condition of California <br />will not be further materially adversely affected by continuing or unforeseen <br />conditions or circumstances, including, but not limited to, lower than expected <br />revenues or higher than expected expenditures. Such factors relating to California <br />and its municipalities may affect the ability of California or its municipalities <br />to pay their respective obligations. The statement of additional information <br />provides additional detail about the current financial condition of, and risks <br />specific to, California municipal securities, which investors should carefully <br />consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit,<br />insurance or other credit or liquidity enhancements issued or provided by such<br />company to decline in value. Credit and liquidity enhancements are designed to<br />help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's <br />power to increase taxes or otherwise to raise revenue, or may be dependent <br />on legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these&#xA0;&#xA0;securities <br />are subject to structural risk that could cause the income the Fund receives to <br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027917Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027917Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027917Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NATXX 0.0116 Worst: Best: 0.00 2012-09-30 0.0010 31 2007-06-30 123 0.0000 0.0092 -0.0012 0.0004 518 223 0.0335 0.0086 0.0008 0.0017 0.0196 0.0025 2013-12-31 2011-09-30 0.0022 0.0112 0.0211 Year-to-date return 0.0007 0.0008 0.0077 0.0000 0.0137 0.0030 0.0042 0.0316 0.0001 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027917Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027917Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA California Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.85%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the in 2010 recently adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the <br />Fund than funds that invest in municipal securities of many different states. <br />A municipal security can be significantly affected by adverse tax, legislative, <br />demographic or political changes as well as changes in the state's financial or <br />economic condition and prospects. Since the Fund invests in California municipal <br />securities, the value of the Fund's shares may be especially affected by factors <br />pertaining to the economy of California and other factors specifically impacting <br />the ability of issuers of California municipal securities to meet their obligations. <br />California continues to face substantial economic and business budget pressures as <br />a result of the economic recession and continues to take various actions in response <br />to the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due <br />to changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or <br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by <br />an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /><br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027917Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027917Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027917Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) CCLXX 0.0111 Worst: Best: 0.00 2012-09-30 36 2007-06-30 160 0.0000 0.0087 -0.0022 0.0001 693 296 0.0330 0.0085 0.0007 0.0007 0.0190 0.0025 2013-12-31 2011-09-30 0.0018 0.0108 0.0206 Year-to-date return 0.0007 0.0072 0.0025 0.0133 0.0035 0.0057 0.0311 0.0000 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027917Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027917Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA California Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.80%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required <br />to file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the <br />Fund than funds that invest in municipal securities of many different states. <br />A municipal security can be significantly affected by adverse tax, legislative, <br />demographic or political changes as well as changes in the state's financial or <br />economic condition and prospects. Since the Fund invests in California municipal <br />securities, the value of the Fund's shares may be especially affected by factors <br />pertaining to the economy of California and other factors specifically impacting <br />the ability of issuers of California municipal securities to meet their obligations. <br />California continues to face substantial economic and business budget pressures as <br />a result of the economic recession and continues to take various actions in response <br />to the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due <br />to changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or <br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's <br />power to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /><br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Investor<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027917Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027917Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027917Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) CFTXX 0.0091 Worst: Best: 0.00 2012-09-30 0.0025 56 2007-06-30 202 0.0000 0.0067 -0.0012 0.0000 823 361 0.0310 0.0080 0.0007 0.0032 0.0170 0.0025 2013-12-31 2011-09-30 0.0007 0.0098 0.0185 Year-to-date return 0.0007 0.0007 0.0052 0.0010 0.0117 0.0055 0.0067 0.0290 0.0001 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027917Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027917Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA California Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.87%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1st quarter 2002:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when <br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the<br />Fund than funds that invest in municipal securities of many different states. A<br />municipal security can be significantly affected by adverse tax, legislative,<br />demographic or political changes as well as changes in the state's financial or<br />economic condition and prospects. Since the Fund invests in California municipal<br />securities, the value of the Fund's shares may be especially affected by factors <br />pertaining to the economy of California and other factors specifically impacting <br />the ability of issuers of California municipal securities to meet their obligations. <br />California continues to face substantial economic and business budget pressures as a <br />result of the economic recession and continues to take various actions in response to <br />the current situation. California's published budget for fiscal year 2012-13, adopted <br />by the state's legislature in June 2012, projects continued steady growth of California's <br />major tax revenue sources. There can be no assurances, however, that the financial<br />condition of California will not be further materially adversely affected by<br />continuing or unforeseen conditions or circumstances, including, but not limited<br />to, lower than expected revenues or higher than expected expenditures. Such<br />factors relating to California and its municipalities may affect the ability of<br />California or its municipalities to pay their respective obligations. The<br />statement of additional information provides additional detail about the current<br />financial condition of, and risks specific to, California municipal securities,<br />which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial<br />services company increases the potential adverse effects on the Fund that can <br />result from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia California Tax-Exempt Reserves, the<br />predecessor to the Fund and a series of Columbia Funds Series Trust. The Fund's<br />past performance is no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027917Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027917Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027917Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> NCTXX 0.0086 Worst: Best: 0.00 2012-09-30 0.0004 25 2007-06-30 104 0.0000 0.0098 -0.0012 0.0010 444 190 0.0342 0.0087 0.0011 0.0011 0.0202 0.0025 2013-12-31 2002-03-30 0.0028 0.0118 0.0217 Year-to-date return 0.0007 0.0011 0.0083 0.0000 0.0139 0.0024 0.0036 0.0322 0.0001 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027917Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027917Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Daily Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA California Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.73%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Daily Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when <br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the Fund <br />than funds that invest in municipal securities of many different states. A municipal <br />security can be significantly affected by adverse tax, legislative, demographic or <br />political changes as well as changes in the state's financial or economic condition <br />and prospects. Since the Fund invests in California municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of California and other factors specifically impacting the ability of<br />issuers of California municipal securities to meet their obligations. California<br />continues to face substantial economic and business budget pressures as a result<br />of the economic recession and continues to take various actions in response to<br />the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or provided by <br />such company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its shareholders <br />from losses caused by declines in a security's market value due to changes in market <br />conditions. In addition, having multiple portfolio securities' credit or liquidity enhanced <br />by the same financial services company increases the potential adverse effects on the Fund<br />that can result from a downgrading of, or a default by, such financial services<br />company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br />&#xA0;&#xA0;<br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Daily<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027917Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027917Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027917Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NADXX 0.0066 Worst: Best: 0.00 2012-09-30 0.0025 82 2007-06-30 281 0.0000 0.0042 -0.0012 0.00 1120 498 0.0284 0.0073 0.0007 0.0032 0.0145 0.0025 2013-12-31 2011-09-30 0.0001 0.0087 0.0160 Year-to-date return 0.0007 0.0007 0.0030 0.0035 0.0099 0.0080 0.0092 0.0265 0.0001 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027917Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027917Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA California Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.88%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund shares, <br />(ii) a disruption in the normal operation of the markets in which the Fund buys and <br />sells portfolio securities or (iii) the inability of the Fund to sell portfolio <br />securities because such securities are illiquid. In such events, the Fund could be <br />forced to sell portfolio securities at unfavorable prices in an effort to generate<br />sufficient cash to pay redeeming shareholders. The Fund may, in circumstances,<br />suspend redemptions or the payment of redemption proceeds when permitted by<br />applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the Fund <br />than funds that invest in municipal securities of many different states. A municipal <br />security can be significantly affected by adverse tax, legislative, demographic or <br />political changes as well as changes in the state's financial or economic condition <br />and prospects. Since the Fund invests in California municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of California and other factors specifically impacting the ability of<br />issuers of California municipal securities to meet their obligations. California<br />continues to face substantial economic and business budget pressures as a result<br />of the economic recession and continues to take various actions in response to<br />the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or provided <br />by such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its shareholders <br />from losses caused by declines in a security's market value due to changes in market <br />conditions. In addition, having multiple portfolio securities' credit or liquidity enhanced <br />by the same financial services company increases the potential adverse effects on the Fund<br />that can result from a downgrading of, or a default by, such financial services<br />company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br />&#xA0;&#xA0;<br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027917Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027917Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027917Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NCAXX 0.0126 Worst: Best: 0.00 2012-09-30 20 2007-06-30 91 0.0000 0.0102 -0.0012 0.0014 394 168 0.0346 0.0088 0.0014 0.0007 0.0206 0.0025 2013-12-31 2011-09-30 0.0032 0.0122 0.0221 Year-to-date return 0.0014 0.0087 0.0000 0.0147 0.0020 0.0032 0.0326 0.0003 0.00 The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the value of shares of the Fund more than it would affect the value of shares of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027917Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027917Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Adviser Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA California Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.82%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the Fund <br />buys and sells portfolio securities or (iii) the inability of the Fund to sell<br />portfolio securities because such securities are illiquid. In such events, the<br />Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 recently<br />adopted amendments to money market regulation, imposing new liquidity, credit<br />quality, and maturity requirements on all money market funds. These changes may<br />result in reduced yields for money market funds, including the Fund. The SEC,<br />other regulators or the Congress may adopt additional money market requirements,<br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the Fund <br />than funds that invest in municipal securities of many different states. A municipal <br />security can be significantly affected by adverse tax, legislative, demographic or <br />political changes as well as changes in the state's financial or economic condition <br />and prospects. Since the Fund invests in California municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of California and other factors specifically impacting the ability of<br />issuers of California municipal securities to meet their obligations. California<br />continues to face substantial economic and business budget pressures as a result<br />of the economic recession and continues to take various actions in response to<br />the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or provided <br />by such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or a <br />default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br />&#xA0;&#xA0;<br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027917Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027917Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027917Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NARXX 0.0101 Worst: Best: 0.00 2012-09-30 0.0025 46 2007-06-30 171 0.0000 0.0077 -0.0012 0.00 702 306 0.0320 0.0082 0.0007 0.0032 0.0180 0.0025 2013-12-31 2011-09-30 0.0012 0.0103 0.0196 Year-to-date return 0.0007 0.0007 0.0062 0.0000 0.0125 0.0045 0.0057 0.03 0.0001 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027916Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.87%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue <br />source backing the project, rather than to the general taxing authority of the <br />state or local government issuer of the obligations. Because many municipal <br />securities are issued to finance projects in sectors such as education, health <br />care, transportation and utilities, conditions in those sectors can affect the <br />overall municipal market. Municipal securities pay interest that is intended to <br />be free from federal income tax (and, in some cases, the federal alternative <br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will <br />agree with this position. For example, in the event that the IRS determines that <br />the issuer did not comply with relevant tax requirements, interest payments from <br />a municipal security could become federally taxable, possibly retroactively to <br />the date the municipal security was issued, and the value of the municipal <br />security would likely fall. As a shareholder of the Fund, you may be required to <br />file an amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from a<br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027916Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency, and it is possible to lose money by investing in the Fund. <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027916Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NTXXX 0.012 Worst: Best: 0.00 2012-09-30 0.0010 31 2007-06-30 112 0.0000 0.0094 -0.0007 0.0002 461 201 0.0342 0.0087 0.0003 0.0012 0.0210 0.0025 2013-12-31 2011-09-30 0.0033 0.0117 0.0213 Year-to-date return 0.0002 0.0003 0.0081 0.0000 0.0141 0.0030 0.0037 0.0321 0.0000 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027916Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.86%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment strategies <br />and other investment strategies in pursuit of the Fund's investment objective. <br />Investment decisions made by the Advisor in using these strategies may not produce <br />the returns expected by the Advisor, may cause the securities held by the Fund to<br />lose value which, in turn, would cause the Fund's shares to lose value or may<br />cause the Fund to underperform other funds with similar investment objectives.<br />Also, cash held by the Fund may adversely impact the Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state or <br />local government issuer of the obligations. Because many municipal securities are <br />issued to finance projects in sectors such as education, health care, transportation <br />and utilities, conditions in those sectors can affect the overall municipal market. <br />Municipal securities pay interest that is intended to be free from federal income <br />tax (and, in some cases, the federal alternative minimum tax). There is no assurance <br />that the Internal Revenue Service (IRS) will agree with this position. For example, <br />in the event that the IRS determines that the issuer did not comply with relevant<br />tax requirements, interest payments from a municipal security could become<br />federally taxable, possibly retroactively to the date the municipal security was<br />issued, and the value of the municipal security would likely fall. As a<br />shareholder of the Fund, you may be required to file an amended tax return and<br />pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple portfolio <br />securities' credit or liquidity enhanced by the same financial services company <br />increases the potential adverse effects on the Fund that can result from a <br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027916Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027916Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NELXX Worst: Best: 0.00 2012-09-30 36 2007-06-30 150 0.0000 0.0089 -0.0017 0.00 636 274 0.0336 0.0086 0.0002 0.0002 0.0205 0.0025 2013-12-31 2011-09-30 0.0028 0.0113 0.0208 Year-to-date return 0.0002 0.0076 0.0025 0.0035 0.0052 0.0316 0.0138 2002-09-03 0.0000 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027916Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods <br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.81%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically subject <br />to greater risk of default than general obligation bonds because investors can <br />look only to the revenue generated by the project or other revenue source backing <br />the project, rather than to the general taxing authority of the state or local<br />government issuer of the obligations. Because many municipal securities are<br />issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from <br />a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Investor<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027916Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027916Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NECXX 0.0095 Worst: Best: 0.00 2012-09-30 0.0025 56 2007-06-30 191 0.0000 0.0068 -0.0007 0.00 768 339 0.0316 0.0081 0.0002 0.0027 0.0184 0.0025 2013-12-31 2011-09-30 0.0015 0.0103 0.0187 Year-to-date return 0.0002 0.0002 0.0056 0.0010 0.0121 0.0055 0.0062 0.0295 0.0000 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027916Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Capital shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the <br />&#xA0;&#xA0;table on the previous page. <br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.90%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.01%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Capital shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues generated <br />by a particular project or other revenue source, and are typically subject to greater <br />risk of default than general obligation bonds because investors can look only to the <br />revenue generated by the project or other revenue source backing the project, rather <br />than to the general taxing authority of the state or local government issuer of the <br />obligations. Because many municipal securities are issued to finance projects in <br />sectors such as education, health care, transportation and utilities, conditions in <br />those sectors can affect the overall municipal market. Municipal securities pay<br />interest that is intended to be free from federal income tax (and, in some<br />cases, the federal alternative minimum tax). There is no assurance that the<br />Internal Revenue Service (IRS) will agree with this position. For example, in<br />the event that the IRS determines that the issuer did not comply with relevant<br />tax requirements, interest payments from a municipal security could become<br />federally taxable, possibly retroactively to the date the municipal security was<br />issued, and the value of the municipal security would likely fall. As a<br />shareholder of the Fund, you may be required to file an amended tax return and<br />pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple portfolio <br />securities' credit or liquidity enhanced by the same financial services company <br />increases the potential adverse effects on the Fund that can result from a <br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund may<br />reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of G-Trust<br />shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027916Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027916Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) CXGXX Worst: Best: 0.00 2012-09-30 20 2007-06-30 80 0.0001 -0.0007 0.0012 336 145 0.0352 0.0090 0.0008 0.0002 0.0220 0.0025 2013-12-31 2011-09-30 0.0043 0.0126 Year-to-date return 0.0008 0.0000 0.0020 0.0027 0.0331 0.0162 2005-11-21 0.0002 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027916Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.89%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact <br />your financial advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities held<br />by the Fund to lose value which, in turn, would cause the Fund's shares to lose<br />value or may cause the Fund to underperform other funds with similar investment<br />objectives. Also, cash held by the Fund may adversely impact the Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when <br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically subject <br />to greater risk of default than general obligation bonds because investors can look <br />only to the revenue generated by the project or other revenue source backing the<br />project, rather than to the general taxing authority of the state or local<br />government issuer of the obligations. Because many municipal securities are<br />issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from <br />a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund may <br />reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia Tax-Exempt Reserves, the predecessor <br />to the Fund and a series of Columbia Funds Series Trust. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027916Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027916Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NEIXX Worst: Best: 0.00 2012-09-30 0.0004 25 2007-06-30 93 0.0000 0.01 -0.0007 0.0008 386 167 0.0348 0.0089 0.0006 0.0006 0.0216 0.0025 2013-12-31 2011-09-30 0.0039 0.0122 0.0219 Year-to-date return 0.0002 0.0006 0.0087 0.0000 0.0024 0.0031 0.0327 0.0148 2002-06-18 0.0001 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027916Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Daily Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.75%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Daily Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares to <br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically subject <br />to greater risk of default than general obligation bonds because investors can look <br />only to the revenue generated by the project or other revenue source backing the <br />project, rather than to the general taxing authority of the state or local government <br />issuer of the obligations. Because many municipal securities are issued to finance<br />projects in sectors such as education, health care, transportation and<br />utilities, conditions in those sectors can affect the overall municipal market.<br />Municipal securities pay interest that is intended to be free from federal<br />income tax (and, in some cases, the federal alternative minimum tax). There is<br />no assurance that the Internal Revenue Service (IRS) will agree with this<br />position. For example, in the event that the IRS determines that the issuer did<br />not comply with relevant tax requirements, interest payments from a municipal<br />security could become federally taxable, possibly retroactively to the date the<br />municipal security was issued, and the value of the municipal security would<br />likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from a<br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Daily<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027916Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027916Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NEDXX 0.0070 Worst: Best: 0.00 2012-09-30 0.0025 82 2007-06-30 271 0.0000 0.0043 -0.0007 0.00 1066 475 0.0290 0.0075 0.0002 0.0027 0.0159 0.0025 2013-12-31 2011-09-30 0.0005 0.0091 0.0162 Year-to-date return 0.0002 0.0002 0.0033 0.0035 0.0103 0.0080 0.0087 0.0269 0.0000 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027916Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.90%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.01%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares to <br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source backing <br />the project, rather than to the general taxing authority of the state or local <br />government issuer of the obligations. Because many municipal securities are issued <br />to finance projects in sectors such as education, health care, transportation and<br />utilities, conditions in those sectors can affect the overall municipal market.<br />Municipal securities pay interest that is intended to be free from federal<br />income tax (and, in some cases, the federal alternative minimum tax). There is<br />no assurance that the Internal Revenue Service (IRS) will agree with this<br />position. For example, in the event that the IRS determines that the issuer did<br />not comply with relevant tax requirements, interest payments from a municipal<br />security could become federally taxable, possibly retroactively to the date the<br />municipal security was issued, and the value of the municipal security would<br />likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple portfolio <br />securities' credit or liquidity enhanced by the same financial services company<br />increases the potential adverse effects on the Fund that can result from a<br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027916Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027916Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NRCXX Worst: Best: 0.00 2012-09-30 20 2007-06-30 80 0.0001 0.0104 -0.0007 0.0012 336 145 0.0352 0.0090 0.0008 0.0002 0.0220 0.0025 2013-12-31 2011-09-30 0.0043 0.0126 0.0223 Year-to-date return 0.0008 0.0091 0.0000 0.0020 0.0027 0.0331 0.0152 2002-06-13 0.0002 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027916Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Adviser Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Tax-Exempt Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.83%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3rd quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when, selling<br />portfolio securities to meet redemption requests if for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically subject <br />to greater risk of default than general obligation bonds because investors can <br />look only to the revenue generated by the project or other revenue source backing <br />the project, rather than to the general taxing authority of the state or local<br />government issuer of the obligations. Because many municipal securities are<br />issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from <br />a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027916Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027916Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NTAXX Worst: Best: 0.00 2012-09-30 0.0025 46 2007-06-30 160 0.0000 0.0079 -0.0007 0.00 646 284 0.0326 0.0083 0.0002 0.0027 0.0195 0.0025 2013-12-31 2011-09-30 0.0020 0.0108 0.0197 Year-to-date return 0.0002 0.0002 0.0066 0.0000 0.0045 0.0052 0.0305 0.0131 2002-08-08 0.0000 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027915Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027915Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund also may invest in instruments issued by certain trusts or other<br />special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. In addition, the Fund may invest in other money<br />market funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Municipal Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.88%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;4th quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may <br />also depend for payment on legislative appropriation and/or funding or other <br />support from other governmental bodies. Revenue obligations are payable from <br />revenues generated by a particular project or other revenue source, and are <br />typically subject to greater risk of default than general obligation bonds <br />because investors can look only to the revenue generated by the project or <br />other revenue source backing the project, rather than to the general taxing <br />authority of the state or local government issuer of the obligations. Because <br />many municipal securities are issued to finance projects in sectors such as <br />education, health care, transportation and utilities, conditions in those sectors <br />can affect the overall municipal market. Municipal securities pay interest that <br />is intended to be free from federal income tax (and, in some cases, the federal <br />alternative minimum tax). There is no assurance that the Internal Revenue Service <br />(IRS) will agree with this position. For example, in the event that the IRS <br />determines that the issuer did not comply with relevant tax requirements, interest <br />payments from a municipal security could become federally taxable, possibly <br />retroactively to the date the municipal security was issued, and the value of <br />the municipal security would likely fall. As a shareholder of the Fund, you may <br />be required to file an amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity&#xA0;&#xA0;enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due <br />to changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or <br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by <br />an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia Municipal Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027915Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027915Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027915Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NMSXX 0.0126 Worst: Best: 0.00 2012-09-30 0.0010 31 2007-06-30 112 0.0000 0.0096 -0.0007 0.0006 461 201 0.0346 0.0088 0.0003 0.0012 0.0227 0.0025 2013-12-31 2011-12-31 0.0040 0.0123 0.0217 Year-to-date return 0.0002 0.0003 0.0085 0.0000 0.0146 0.0030 0.0037 0.0326 0.0001 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027915Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027915Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund may invest in instruments issued by certain trusts or other special<br />purpose issuers, such as pass-through certificates representing participations<br />in, or debt instruments backed by, the securities and other assets owned by<br />these issuers. In addition, the Fund may invest in other money market funds,<br />consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Municipal Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.87%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;4th quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulatory or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state <br />or local government issuer of the obligations. Because many municipal securities <br />are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity&#xA0;&#xA0;enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due <br />to changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases <br />the potential adverse effects on the Fund that can result from a downgrading of, <br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia Municipal Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027915Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027915Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of America Corporation (collectively, Bank of America), the Federal Deposit Insurance Corporation or any other government agency <div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027915Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) NMLXX 0.0121 Worst: Best: 0.00 2012-09-30 36 2007-06-30 150 0.0000 0.0091 -0.0017 0.0002 636 274 0.0341 0.0087 0.0001 0.0002 0.0222 0.0025 2013-12-31 2011-12-31 0.0035 0.0119 0.0212 Year-to-date return 0.0001 0.0080 0.0025 0.0142 0.0035 0.0052 0.0321 0.0000 0.00 <div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027915Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027915Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt> <tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />&#xA0;&#xA0;indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />&#xA0;&#xA0;table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt> <tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund may invest in instruments issued by certain trusts or other special<br />purpose issuers, such as pass-through certificates representing participations<br />in, or debt instruments backed by, the securities and other assets owned by<br />these issuers. In addition, the Fund may invest in other money market funds,<br />consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt> BofA Municipal Reserves Example Investment Objective The Fund's past performance is no guarantee of how the Fund will perform in the future. it is possible to lose money by investing in the Fund. Principal Risks <tt>Remember this is an example only. Your actual costs may be higher or lower.</tt> Shareholder Fees (fees paid directly from your investment) Year by Year Total Return (%) as of December 31 Each Year Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. <tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2nd quarter 2007:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.82%&#xA0;&#xA0;<br />Worst:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;4th quarter 2011:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.00%</tt> 888.331.0904 (individual investors) or 800.353.0828 (institutional investors) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return as of December 31, 2011 <tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt> <tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may<br />in circumstances suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the Fund's <br />investments in securities backed by guarantees, letters of credit, insurance or <br />other credit or liquidity enhancements issued or provided by such company to <br />decline in value. Credit and liquidity enhancements are designed to help assure<br />timely payment of a security and do not protect the Fund or its shareholders<br />from losses caused by declines in a security's market value due to changes in<br />market conditions. In addition, having multiple portfolio securities' credit or<br />liquidity enhanced by the same financial services company increases the<br />potential adverse effects on the Fund that can result from a downgrading of, or<br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities